If an assessee utilises his borrowed funds for earning tax free interest on government bonds, then interest paid on such borrowed funds will not be allowed for deduction.
In income tax act, where it is so provided..?
What is the section..?
Saleem Abdul (CA) (397 Points)
14 February 2014If an assessee utilises his borrowed funds for earning tax free interest on government bonds, then interest paid on such borrowed funds will not be allowed for deduction.
In income tax act, where it is so provided..?
What is the section..?
CA SUKSHAM ARORA
(CA)
(569 Points)
Replied 14 February 2014
I GUESS SEC.14A. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income).
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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